Water shortages are usually the result of
a. profit-seeking owners of the resource holding water off the market and refusing to trade.
b. bad forecasts by water planners.
c. monopoly fixing of water prices.
d. a lack of tradeable property rights in water.
D
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To maximize its profits, a monopsonist will hire labor the quantity of labor at which marginal revenue product of labor
a. is downward sloping and equal to the market wage rate. b. is downward sloping and equal to its marginal labor cost. c. minus marginal labor cost is maximized. d. is maximized.
When a country specializes and trades with other countries, it is most likely that it specializes in goods for which
A) it has a comparative advantage. B) it has an absolute advantage. C) it has no advantage. D) are very costly to produce.
Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. Which of the following will not cause the production possibility frontier to shift from ppf1 to ppf2?
A. the discovery of previously unknown oil fields B. an increase in the stock of capital C. an improvement in technology D. a decrease in the unemployment rate
In the United States in 1933, ________ people were unemployed.
A. 250,000 B. 1.5 million C. 13 million D. 51 million